Cost Analysis – Operation Management Quiz

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Quality function deployment, Computer aided design & manufacturing, Cost Analysis

The key terms included of this Operation Management chapter Analysis, Product, Descending Order, Cost, Customers, Analysis.


________ is used to rank a company’s products to determine which products represent the best use of the firm’s resources, or, perhaps, to determine which products are to be eliminated.

Product-by-value analysis


What percentage of sales from new products is indicative of industry leaders?

50%


Regal Marine’s use of ________ has reduced product development time and reduced problems with tooling and production.

CAD or Computer-aided Design


In the ________ phase of the product life cycle, the product design has begun to stabilize.

Growth


________ lists products in descending order of the individual dollar contribution to the firm.

Product-by-value analysis


Prevention cost

costs associated with reducing the potential for defective parts or services


Appraisal cost

costs related to evaluating products, processes, parts, and services


Which of these statements regarding Regal Marine is TRUE?
A) Product design is a critical decision for the firm.
B) Regal uses a three-dimensional CAD system to shorten product development time.
C) Regal still uses some wooden parts and hand-produces some components.
D) Regal’s use of CAD has resulted in a superior product.

All of the above are true – correct


Regal Marine

treats the product design decision as critical to its success.


The three major elements of the product decision are:

selection, definition, and design.


In which stage of the product life cycle should product strategy focus on process modifications as the product is being “fine-tuned” for the market?

Introduction

A product’s life cycle is divided into four stages, which are:

introduction, growth, maturity, and decline.


When should product strategy focus on forecasting capacity requirements?

at the growth stage of the product life cycle


The analysis tool that lists products in descending order of their individual dollar contribution to the firm is:

product-by-value analysis.


At which stage of the product life cycle is product strategy likely to focus on improved cost control?

maturity


________ is used to rank a company’s products to determine which products represent the best use of the firm’s resources, or, perhaps, to determine which products are to be eliminated.

Product-by-value analysis


What percentage of sales from new products is indicative of industry leaders?

50%


Regal Marine’s use of ________ has reduced product development time and reduced problems with tooling and production.

CAD or Computer-aided Design


In the ________ phase of the product life cycle, the product design has begun to stabilize.

Growth


________ lists products in descending order of the individual dollar contribution to the firm.

Product-by-value analysis


Prevention cost

costs associated with reducing the potential for defective parts or services


Appraisal cost

costs related to evaluating products, processes, parts, and services


Internal failure cost

costs that result from production of defective parts or services before deliver to customers


External failure cost

costs that occur after deliver of defective parts or services


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